G.V.Electricals IPO
G.V.Electricals IPO is an SME IPO raising ₹42 Cr at ₹123 – ₹130 a share. It listed on 12 Aug 2026 at ₹158, +21.5% against its issue price of ₹130, and trades at ₹140 today (+7.8% since issue). It was subscribed 149× in total.
149.3 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
G V Electricals Ltd provides power distribution infrastructure services to electricity distribution utilities in India, primarily operation & maintenance (O&M) and allied support for distribution networks. Work covers 33 kV, 11 kV and low-tension lines, 33/11 kV substations, pole and cable installation works, and metering-related field services. They operate across three service verticals: Network O&M Services, Electrical Infrastructure and Network Development Works, and Metering and Meter Management Services.
How it earns
Revenue comes from contracts awarded mostly through competitive tenders by electricity distribution utilities — billed via annual maintenance contracts/rate contracts (recurring/periodic billing) or milestone-based work orders for infrastructure projects. They do not undertake manufacturing; they deploy field manpower and use tools/equipment at project sites, procuring materials from third-party suppliers on a project basis.
Who buys
Almost entirely electricity distribution utilities. Top 10 customers = 94.76% of FY26 revenue (₹148.22 crore of ₹156.41 crore); top 3 customers = 64.79% (Customer 1 = 33.33%, Customer 2 = 17.18%, Customer 3 = 14.28%). Repeat-customer revenue was 88.29% in FY26 (₹138.09 crore). Named customer identities are not disclosed in the prospectus.
Scale
4,473 employees as of May 31, 2026 (4,332 permanent + 141 contractual); order book of 34 projects valued at approximately ₹553.70 crore; revenue from operations of ₹156.41 crore in FY26 (up from ₹111.80 crore in FY24).
What it says sets it apart
- Heavy reliance on recurring O&M contracts (76.90% of FY26 revenue) billed periodically rather than purely project-based, providing revenue visibility
- Order book of 34 projects worth approximately ₹553.70 crore (unexecuted) as of June 30, 2026 — roughly 3.5x FY26 revenue
- High repeat-customer share of 88.29% in FY26 (97.14% in FY25, 99.28% in FY24), reducing bidding/mobilisation time
- Concentrated geographic presence in Odisha (69.05% of FY26 revenue) suggests established execution capability in a single large utility market
- Holds ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 and SA 8000:2014 certifications
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs130 / stated EPS Rs12.64 (FY2025-26 (year ended March 31, 2026), Basic & Diluted EPS as per Restated Financial Statements). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹156 Cr+19% | ₹10 Cr+125% | 6.7% | ₹34 Cr | ₹16 Cr |
| FY2025 | ₹131 Cr+17% | ₹5 Cr+66% | 3.6% | ₹23 Cr | ₹8 Cr |
| FY2024 | ₹112 Cr | ₹3 Cr | 2.5% | ₹17 Cr | ₹5 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
131 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Demand is spread fairly evenly across investor categories.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What happens when
Next: the UPI mandate expires on 18 Sept 2026.
What to watch
- Priced at 10.3× earnings — 59% below the median of the peers the issuer itself names.
- The register's top risk: Top 10 customers contributed 94–99% of revenue (prospectus page 28).
- Its cohort's record: median +8.4% since issue price, 46.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track G V ELECTRICALS LTD
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.